The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
RAVEN INDS INC COM 754212108 16,857 580,278 SH   DFND 1,2 576,113 0 4,165
MICROSOFT CORP COM 594918104 15,762 239,322 SH   DFND 1,2 237,672 0 1,650
RITCHIE BROS AUCTIONEERS COM 767744105 14,080 427,977 SH   DFND 1,2 425,022 0 2,955
APPLE INC COM 037833100 13,415 93,379 SH   DFND 1,2 92,749 0 630
QUALCOMM INC COM 747525103 11,373 198,343 SH   DFND 1,2 196,978 0 1,365
C.H. ROBINSON WORLDWIDE INC COM NEW 12541w209 9,408 121,719 SH   DFND 1,2 120,849 0 870
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 8,749 52,489 SH   DFND 1,2 52,114 0 375
MARRIOTT INTL INC NEW CL A 571903202 7,742 82,207 SH   DFND 1,2 81,642 0 565
LANDSTAR SYS INC COM 515098101 7,122 83,149 SH   DFND 1,2 82,614 0 535
PROGRESSIVE CORP OHIO COM 743315103 6,068 154,881 SH   DFND 1,2 153,746 0 1,135
COSTCO WHSL CORP NEW COM 22160k105 5,425 32,353 SH   DFND 1,2 32,118 0 235
CARMAX INC COM 143130102 1,815 30,652 SH   DFND 1,2 30,427 0 225
FACTSET RESH SYS INC COM 303075105 1,088 6,597 SH   DFND 1,2 6,552 0 45
STURM RUGER & CO INC COM 864159108 653 12,186 SH   DFND 1,2 12,076 0 110
COSTAR GROUP INC COM 22160n109 39 190 SH   DFND 1,2 190 0 0
ANHEUSER BUSH INBEV SA/NV SPONSORED ADR 03524a108 1 10 SH   DFND 1,2 10 0 0
ROPER TECHNOLOGIES INC COM 776696106 1 5 SH   DFND 1,2 5 0 0